Six Ways to Prevent Brand Diffusion
When was the last time you analyzed the strengths and weaknesses of your brand? Your brand marketing and overall brand equity is something you have build up over many years. Below are six areas of focus that can uncover hidden risks and relevant opportunities to recharge your brand in its respective marketplace.
Have you ever noticed that when money is high, think power tends to be low, but when money is low, think power goes up? It’s human nature. The storm is often at its worst following a victory.
For example, Company A launches a new product that really takes off and sells way over its intended projections. Everyone at the company is excited! This feeling of success permeates the company, but left unchecked, it can create a false sense of security. Slowly but surely, innovations lag because the pervasive belief is “we’re invincible!” Then the inevitable hits. Company B comes out with a totally new product that outshines Company A’s product, driving down its brand value and related sales.
How quickly this can happen. Can you think of a few examples? How about AOL, which was replaced by Facebook? Or print-only suppliers being displaced by cross-media providers? We could go on and on, but I don’t wish to offend any particular company.
What is most important is that you look to new innovations that will continue to define your company in its marketplace while driving new revenues. That’s the game we’re all in, and here are a few ways to ensure you stay competitive.
Strategic Advantage: Does your company “own” a specific differentiator that sets it apart from all of its competition? If not, then a company with a new product could easily set itself up as the “next generation of XYZ” and quickly displace your position.
Tom Marin is the Founder and President of MarketCues, Inc., a national consulting firm. He has worked for some of the world’s largest corporations and middle-market firms. Tom’s focus is to help CEOs drive their strategy shifts and strategic growth programs. Follow MarketCues on Twitter. Tom also welcomes emails new LinkedIn connections or calls to (919) 908-6145.